The global specialty enzymes market is projected to grow with a CAGR of 7.5% during the forecast period.
- Waste reduction and energy saving is the major factor driving the market studied followed by increasing demand in the food and feed industry.
- The restrictions on temperature and pH levels may lead to higher input costs and cover up any possible losses in case of faulty production. This consequently gives an upper hand to major players with huge financial support as opposed to new players.
- North America holds the major share of the market, however, Asia-pacific is accounted to be the fastest-growing market owing to rising disposable income and awareness which has led to a boost in the demand in various industries.
Key Market Trends
Animal Feed Sector is Growing at a Faster Pace
The phytase enzyme has wide applications in the global feed enzymes market. Various emerging players are launching innovative phytase enzymes and insisting on taking approval through the US Food and Drug Administration (FDA), and the US Center for Veterinary Medicine to use the product in animal feed diets. For instance, In November 2018, Agrivida, the Massachusetts-based biotechnology startup, launched an enzyme constituting corn feed ingredient, Grainzyme Phytase approved from FDA and US Center for Veterinary Medicine, assisting the application in the United States poultry market. The trend of sustainable processing is further driving the market studied. Numerous educational programs and researches have been initiated within the regions assisted by government agencies. In 2018, Novozymes/DSM formed an alliance with more than 200 feed industry customers in South Africa and other countries in the region through Enzyme Academies, to educate them about feed enzymes and their sustainability benefits.
North America Leading the Market
North America is the largest market for specialty enzymes with its major applications in food and feed industries. It accounts for a prominent share of the global specialty enzyme market. Increased consumption of meat and meat products in the region has augmented the demand for the enzyme in the feed industries. The market is driven by the increased consumption of processed food products, increased expenditure in premium quality products and consumer preference for the natural ingredients used in the products. Enzymes are natural additives that are added to food products to increase the yield productivity, improve quality performance and enhance the shelf life of the products.
The Global Specialty Enzymes Market is fragmented with top global and regional players competing fiercely with local companies to gain market shares. Kerry Group, Novozymes, Chr. Hansen and Dupont are some of the major players in the global specialty enzymes market. These companies majorly focus on expanding their businesses and undertaking strategies, such as mergers and acquisitions, expansions, and novel product innovations. Partnership is the next strategy preferred by companies, in order to strengthen their market presence and develop innovative products together. Kerry Group has planned to develop new technologies for specialty enzyme production. Connell Brothers is focusing on increasing distribution in the market.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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1.2 Scope of the Study
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.2 By Type
5.2.4 Other Types
5.3 By Application
5.3.1 Food & Beverage
5.3.3 Animal Nutrition
5.3.4 Other Applications
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Rest of Middle East and Africa
6.2 Market Share Analysis
6.3 Company Profiles
6.3.2 Kerry Inc.
6.3.3 Chr. Hansen Holding A/S
6.3.4 DuPont de Nemours, Inc.
6.3.5 Associate British Foods PLC
6.3.6 Specialty Enzymes & Probiotics
6.3.7 AST Enzymes
A selection of companies mentioned in this report includes:
- Kerry Inc.
- Chr. Hansen Holding A/S
- DuPont de Nemours, Inc.
- Associate British Foods PLC
- Specialty Enzymes & Probiotics
- AST Enzymes